Weekly Tanker Report – Week 43, 2019

By
Mfame Team
-
1378

The Baltic Briefing has issued the tanker report for the 43rd week of this year. The report dated 25th October 2019 provides a valuable insight into this week’s tanker market dealings, freight rates, and charter activities.

VLCC

Sentiment again played a big part as the markets fell globally. 

  • In the Middle East the tonnage list grew in the near term as vessels were released from their subjects alongside lower demand from charterers. 
  • The latest assessments rate 270,000mt Mideast Gulf to China at WS97.5, down 20 points week-on-week, although there is a report today of an oil major on subjects to Singapore-Thailand range at WS95. 
  • Meanwhile 280,000mt MEG/USG basis Cape-Cape is assessed 12.5-15 points lower than a week ago at WS60.
  • In the Atlantic area rates have fallen 10 points to WS100 level for 260,000mt West Africa/China, and 270,000 USG/China is now valued at $11m, down from $12.9m level last Friday.

Suezmax

Suezmax saw another week of negative sentiment. 

  • The market for 130,000mt West Africa/UKC fall about 30 points to WS150 level and 135,000mt Black Sea/Med has been reduced by nearly 45 points to WS167.5/170 level.
  • A 140,000mt Basrah/Med rates fell back to WS100 region down about 50 points for the week.

Aframax

  • Rates in the Mediterranean fell away, on the back of a reduced number of quoted cargoes and a well populated tonnage list, with 80,000mt Ceyhan/Med now rated in the low-WS140s. 
  • In the North Sea, rates for 80,000mt ECUK/UKC lost 50 points, to settle at WS145, while 100,000mt Baltic/UKC got reduced by 40 points to WS120 region. 
  • Across the Atlantic, rates have followed suit with 70,000mt Carib/USG falling 20 points to WS190 level and 70,000mt USG/Med dropping over 30 points to WS160 level.

Clean

Last week’s gains were wiped out by this week’s losses. 

  • A 75,000mt Middle East/Japan cliff-dived from nearly W300 to WS180-182.5 level. The LR1s followed suit, shedding over 65 points to sit around the WS165 region.
  • In the 37,000 Continent/USAC market, rates were scaled back about 5-10 points to sit around low-to-mid WS150s whereas the backhaul 38,000 USG/UKC fell back about 20 points to the low WS100s.

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Source: The Baltic Briefing